Banking & Finance  July 26, 2022

Sovrn Holdings raises $36M in Series C funding

BOULDER — Sovrn Holdings Inc., a Boulder-based publishing-technology company, has raised $36 million in a new round of equity financing.

Investors in the Series C round included Foundry, Archer Venture Capital, Lexington Partners, Progress Ventures and Structural Capital, among others.

“This financing represents a milestone achievement for Sovrn, given the contraction in financial markets and current conservative approach to investing,” Walter Knapp, Sovrn CEO, said in a prepared statement. “It speaks volumes to the value we continue to deliver to customers, our positive track record of acquiring and integrating complementary product companies onto the Sovrn platform, and our consistent, profitable revenue growth.”

Sovrn has recorded year-over-year revenue growth for seven consecutive quarters and 13 out of the last 14 quarters, the company said.

The company previously raised $26 million in December 2018, providing funds to acquire three additional companies. Sovrn acquired VigLink in December 2018, followed by the acquisition of Proper Media and Monetizer101, both in July 2021.

The new funding allows Sovrn to pursue additional acquisitions, the company said.

Sovrn’s publisher-technology platform offers a set of data and monetization tools that optimize for greater revenue generation, audience insights and streamlined workflows.

Its customer base includes companies in the United States and United Kingdom, including Ziff Davis, Vox Media, Daily Beast, Tribune Media, Blavity, Encyclopedia Britannica and Salon.

“Sovrn’s simple yet powerful product platform is unmatched in the industry,” Seth Levine, managing director at Foundry, said in a prepared statement. “We’ve been impressed by the company’s continued innovation, rapid scaling, and high levels of customer satisfaction. We see tremendous opportunity for Sovrn to further penetrate the market and are excited to continue partnering with Walter and his team.”

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